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Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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What forms does a Professional Corporation file as a tax r

Resolved Question:

What forms does a Professional Corporation file as a tax return?
Submitted: 7 years ago.
Category: Tax
Expert:  Lev replied 7 years ago.

"Professional Corporation" under the Texas law is defined as a corporation organized for the sole and specific purpose of rendering a professional service. -

Professional corporations doing business in Texas are subject to franchise tax.


If the Professional Corporation elected to be treated as S-corporation - you will use form 1120S for S-corporation:


Each shareholder had to calculate taxes based on his/her personal situation. S-corporation would issue Schedule K-1 - for distribution that would be added to the taxable income. Each shareholder will include that amount in personal 1040 and tax will be calculated individually based on total income and deductions.


Please let me know if you need any clarification.


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